Engages in security, cyber, control & solar energy.
Orad proved in 2025 that its solar activity can already lift group profitability, but the quality of the story still depends on converting backlog and accounting profit into cash while reducing the heavy receivables and unbilled-revenue burden.
Orad's solar activity has already proven that it is a real business with operating scale, but as of year-end 2025 it still has not fully closed the case on the price paid in shares. The dilution justifies opening the move, not necessarily the final control-level price.
Orad's receivables and unbilled revenue line is no longer just a natural by-product of a project business. Unbilled revenue explains part of the balance, but most of the 2025 increase came from open billed receivables, so the risk focus has shifted from revenue recognition to co…
